After action on Paytm, now RBI has given license of payment aggregator to this company
The Reserve Bank of India (RBI) has granted payment aggregator (PA) license to digital payment platform Mswipe Technologies. According to Moneycontrol report, the company has received this license in 2022, almost two years after getting in-principle approval. The company said in a statement on February 19, “The payment aggregator license reinforces the company’s objective to enhance its offerings by providing secure, efficient and user-friendly payments technology to all categories of banking partners, enterprises and merchants.”
What is payment aggregator license?
Payment aggregator license allows companies to provide payment services to merchants (online businesses or e-commerce companies) by accepting payment instruments from customers. PAs collect the funds received from customers and transfer them to the merchant after a certain time period. Mswipe, which started in the offline payments space with point of sale (PoS) devices, is looking to enter the online category with its own gateway.
Merchant network of more than 6 lakhs
With a merchant network of over 6 lakh, the fintech is trying to diversify its revenue stream with Sound Box and loan collection services (for banks and NBFCs), both of which were launched a year ago. The company claims to have installed more than 3 lakh sound boxes and aims to reach one million by the end of 2024.
It has tied up with 15 partners for the collection business, which is registering a 20 percent increase in revenue growth month-on-month. Mswipe competes in the offline payments space with Razorpay, PayU, Pine Labs, CCAvenues, BharatPe, BillDesk and new entrants like Paytm and PhonePe.
